Weekly shopping budget How much ?

hackedoffatthem

It will help because as a general rule of thumb you pay the one with the highest APR first whilst keeping to the minimum on all the rest. Then when that ones cleared you use the excess to overpay on the next highest APR.

Sorry i'm rambling but i hope that makes sense!

Katief07

i see, is this called snowballing? was just on whatsthecost.com and sounds the same, here is all the rates sorry dont know how to add it to previous post.



b>Unsecured Debts</b>
Description....................Debt......Monthly.. .APR
Loan...........................2473......175...... . 18.90%
Lloyds card....................1827......50........ 20.52%
Halifax card...................488.......20........ 26.9%
overdraft......................950.......0........ not sure
very...........................600.......70....... . 39.7%
next...........................1177......100...... . 25.99%
Barclaycard C..................3052......100.......19.9% is 0% on BT until May 11
Barclaycard J..................3415......100....... 19.9 is 0% on BT until June 11
Total unsecured debts..........13982.....615......


hope i have done it correctly.

hackedoffatthem

Yes thats it- snowballing! I love that snowball calculator as it made me see i could be clearer of my debt much quicker than i had predicted and it felt great!

So looking yours, i would say tackle the Very debt first......

Katief07

yes it is fab! it made me feel i little less scared and more positive about the outcome i know it will take time it just makes it look more doable, Yes Very has got to go i was shocked to find out the rate on that.

hackedoffatthem

Scary isn't it???

We have three store cards (Argos, Next and River Island(Santander!!)) and i can't believe the interest rates on them - def our first ones to tackle!

kerrypn

Katief07 wrote: »

ok here it goes SOA.

I feel i should also explain some of it - all payments for credit cards, store card etc are not minimum payment most are about £30/40 above the min as this is what we have been paying for months (before hitting this point), my partners income is an average monthly as he is paid weekly and it varies week to week, none of the debt as yet has any missed payments, (i think part of the reason is due to increasing the overdraft to pay it, not good, i know). It is only now we realise the mess we are in, it has always been there but in the last 2/3 months we have really struggled since my partner having less work and me being paid only SMP, i am happy i am finally dealing with it, but feel sick when i look at the mess we got ourselves in, sorry for going on!

<pre><b>Statement of Affairs and Personal Balance Sheet</b><b>

Household Information</b>
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1<b>

Monthly Income Details</b>
Monthly income after tax................ 521
Partners monthly income after tax....... 1289
Benefits................................ 220
Other income............................ 0<b>
Total monthly income.................... 2030</b><b>

Monthly Expense Details</b>
Mortgage................................ 0
Secured/HP loan repayments.............. 155
Rent.................................... 238
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 119
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0 ?
Telephone (land line)................... 30
Mobile phone............................ 30is this contract/PAYG?
TV Licence.............................. 12
Satellite/Cable TV...................... 40 I would be temted to cut out this/reduce if poss
Internet Services....................... 0
Groceries etc. ......................... 460 I have family of 5-I spend £304/month and am looking to reduce to £200-£250-I do meal plan and then I go to the supermarket website and "pretend shop"-sub in offers then write list from this then go in store for whoopsies/further offers-I find this helps keep it down Try the Old Style Board
Clothing................................ 50
Petrol/diesel........................... 60
Road tax................................ 96.26
Car Insurance........................... 57
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 44
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 110 Would try and reduce if poss-what is this for?
Holiday................................. 0
Emergency fund.......................... 0<b>
Total monthly expenses.................. 1624.26</b>
<b>

Assets</b>
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0<b>
Total Assets............................ 5000</b>
<b>

Secured & HP Debts</b>
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 7724.....(155)......0<b>
Total secured & HP debts...... 7724......-.........- </b>

<b>Unsecured Debts</b>
Description....................Debt......Monthly...APR
Loan...........................2473......175.......0
Lloyds card....................1827......50........0
Halifax card...................488.......20........0
overdraft......................950.......0.........0
very...........................600.......70........0
next...........................1177......100.......0
Barclaycard C..................3052......100.......0
Barclaycard J..................3415......100.......0<b>
Total unsecured debts..........13982.....615.......- </b>

<b>
Monthly Budget Summary</b>
Total monthly income.................... 2,030
Expenses (including HP & secured debts). 1,624.26
Available for debt repayments........... 405.74
Monthly UNsecured debt repayments....... 615<b>
Amount short for making debt repayments. -209.26</b>

<b>Personal Balance Sheet Summary</b>
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -7,724
Total Unsecured debt.................... -13,982<b>
Net Assets.............................. -16,706</b>

<i>Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on The Motley Fool DWD Board with permission, using other browser.</i></pre>

Hope this helps a little, it is tough downgrading and the first few times you might go over budget-but eventually it becomes second nature to bargain hunt. Another hint is to try and stock up for the week and freeze if possible-stops the trips to the local shop too(we used to live opposite one and we must have spent a fortune!)

property.advert

It is a little more complicated to track financially but buying in bulk is the way to go. I am just going to have to buy toilet rolls for the first time this year (since about Oct 09 actually) because there was a massive offer on at better than half price.

At the moment Asda has Heinz beans at 8 tins for £3 I think and they regularly have on 2 4 packs for the price of one, so about £2.50 for 8. If you buy at the right time and project how many you need to buy until you think they will have the same offer on again, then you are eating beans at half price.

Get on http://www.hotukdeals.com/all/deals/hot and you'll see all manner of good and useless deals and offers.

If you use a lot of bread and have a little time, then consider a bread maker. The Panasonic 254/5 or better are the ones to go for. The 254 is usually around £65 but it does fluctuate upwards.

You'll have to redo your SOA as you have some annual things listed as monthly items and don't forget where you account for the money use use to buy lunch or the mornin paper etc.

LeeSouthEast

Just some points...

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 155
Rent.................................... 238
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 119 This seems quite high?
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 40 Drop a package or 3?
Internet Services....................... 0
Groceries etc. ......................... 460 High, but you know already!
Clothing................................ 50 £600 a year on clothes?
Petrol/diesel........................... 60
Road tax................................ 96.26 Every month? Is this annual?
Car Insurance........................... 57
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 44
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 110 Can you break this down?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1624.26

Katief07

Electricity - £119 we have economy 7 (nightstore heaters) is this amount still high for that?

gas - no gas all electric

Water rates - no water rates, we are in Scotland think or water rates are in with council tax!?

Mobile - PAYG, this is for my partner but for work only, not sure if we would be cheaper with a contract with free minutes on?

Satelite - going to cut to £20

Shopping - this is is going to be cut (this will be the first month)

Entertainment - £110 this is an average of what is has been over the last few months it includes eating out once a month approx (now not going to happen) 2/3 takeways a months (not going to happen now) and days out with the kids, so leaving an amount for days out i think we could cut this to £50 maybe more by taking lunch etc with us we should be able to lessen the cost more.

Clothing - £50 a month = £600 a year, yes when put like that it is too high this will be cut and will probably only account for clothing for the kids. Not sure how much i can cut back to with a 4year old and 5month old. Mostly the baby as he seems to be growing so quick!.

Road tax £96.25 oops yes this is not month this is 6monthly but due the end of this month.

Katief07

weekly shopping done today total cost £65 i think that is pretty good for a start! i am sure i may have forgotten a few things but still not too bad.